Treasury Secretary Steven Mnuchin admitted in an interview with Financial Times that President Donald Trump's planned tax cuts and reform will not come by the congressional recess in August.
ADVERTISEMENT
Treasury Secretary Steven Mnuchin admits the August deadline for Trump's massive tax cuts is 'not realistic at this point'
In an interview with the Financial Times, Treasury Secretary Steven Mnuchin said it is "fair to say" Trump's promised tax cut "is probably delayed a bit."
null
ADVERTISEMENT
Recommended articles
Mnuchin had previously said that he wanted to have a massive tax reform bill on Trump's desk by the August recess.
"It started as [an] aggressive timeline,” Mnuchin told the FT. "It is fair to say it is probably delayed a bit because of the healthcare."
Mnuchin also called the deadline "
ADVERTISEMENT
Mnuchin's comments confirm the fears of many analysts, who assumed that the timeline for tax reform would be pushed back after the GOP's failure to pass the American Health Care Act. House Speaker Paul Ryan and President Trump admitted that not repealing Obamacare's taxes (which the AHCA would have done) makes tax reform more difficult.
Trump promised during the campaign to cut the federal corporate tax rate to 15% from its current 35% and lower personal taxes. He heralded the cut as the biggest since Ronald Reagan's presidency.
Recent reports, however, indicate that Trump's team may not be able to cut corporate taxes all the way to 15% and the rate may end up being as high as 28%.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Offshore sportsbooks and best sports betting sites
Top 5 African cities with the most unaffordable real estate in 2024
US says it is still engaged with West African juntas
Opinion Piece: Accelerating sustainable development goals through better agricultural risk management
Zimbabwe is set to honor Russian victory with a monument
Top cross-border payment companies in Africa on recent global ranking
Studio Monkey in collaboration with Worldwide FM and Gilles Peterson launches initiative to support grassroot music communities
NexaScale marks one-year milestone with visionary initiatives empowering Africa's youth for the future of work
